The prudential treatment of banks' exposures to cryptoassets, including tokenised traditional assets, stablecoins and unbacked cryptoassets. The standard is a new chapter of the consolidated Basel Framework (SCO60: Cryptoasset exposures) that the Committee has agreed to implement by 1 January 2025.
- The Basel Committee's oversight body endorses a global prudential
standard for banks' exposures to cryptoassets, for implementation by 1
January 2025.
- Endorses the Committee's work programme and strategic priorities for 2023–24.
- The programme prioritises work on emerging risks and
vulnerabilities, digitalisation, climate-related financial risks and
Basel III implementation.
The Group of Central Bank Governors and Heads of
Supervision (GHOS), the oversight body of the Basel Committee on Banking
Supervision, met on 16 December to endorse a finalised prudential
standard on banks' cryptoasset exposures and the Committee's work
programme and strategic priorities for 2023–24.
Exposures and the Committee's work programme and strategic priorities for 2023–24.
Today's endorsement by the GHOS marks an important milestone
in developing a global regulatory baseline for mitigating risks to banks
from cryptoassets. It is important to continue to monitor bank-related
developments in cryptoasset markets. We remain ready to act further if
necessary.
Tiff Macklem, Chair of the GHOS and Governor of the Bank of Canada
The Committee's standard on cryptoasset is a further example
of our commitment, willingness and ability to act in a globally
coordinated way to mitigate emerging financial stability risks. The
Committee's work programme for 2023–24 endorsed by GHOS today seeks to
further strengthen the regulation, supervision and practices of banks
worldwide. In particular, it focuses on emerging risks, digitalisation,
climate-related financial risks and monitoring and implementing Basel
III.
Pablo Hernández de Cos, Chair of the Basel Committee and Governor of the Bank of Spain
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